Workers Comp Policy Renewal Date – December Reason to Change
Yes, you can change your Workers Comp policy renewal date. One of our blog and newsletter employer readers called with this question earlier this week. We usually receive emailed questions. A question from an employer phone call stands out.
Why Change?
J&L has recommended that policies renewing from December 15th to January 15th request a different workers comp policy renewal date. The “why” comes from agent/broker workloads at this time of year. A large percentage of policies mirror the company’s startup date. If your company was started on January 1st, then an agent, of course, will write your policy using that date.
Overloaded Agent
Many agents that I know ask me to get back with them after the first of the year. With so many New Year (Jan 1) renewals, they remain extremely busy at the end of the year through approximately January 10th.
The overloaded agent does not mean your agent has not performed their job. Late December and early January
How To Change Your Workers Comp Policy Renewal Date
If you wish more individualized attention and your company’s workers comp policy renewal date falls somewhere in that time period, in most states, an employer can request a 13-month policy. Do not request a renewal date shorter than when your present policy ends. A shortened policy may end up with a short rate penalty that your company wants to avoid completely.
An email to your agent/broker now would be a good recommendation. Ask them what can be done to change the renewal date.
When To Request Change
If you have a policy renewal date in the end of December – early January time period, you need to make the request within the next few days.
Bottom Line on Workers Comp Policy Renewal Dates
As I have mentioned often, make sure that your state allows the changes. Each state has varying laws on making changes to your policy dates. Your agent will know the best method to change the renewal date.
I recommend emailing and not calling. Remember to add your policy number to any requests. You are asking for a favor of sorts from your agent/broker, so adding the policy number will make it easier to accomplish.
Many articles have appeared on this website on January 1 renewals. For more articles on this subject, click here.
